Examlex
Which of the following assumptions concerning the probability distribution of the random error term is stated incorrectly?
Potential Output
A measure of the highest level of economic output an economy can sustain over a period without increasing inflation; synonymous with potential GDP.
Negotiable
Referring to something that can be discussed or altered through negotiation, such as terms of a contract or a financial instrument.
Expansionary Gap
A situation where the total demand in an economy exceeds its potential output, leading to inflationary pressures.
Recessionary Gap
A situation in which the real GDP is lower than the potential GDP, leading to unemployment and underutilized resources.
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